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Intangible Assets | 12 Months Ended
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Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | NOTE 9 – INTANGIBLE ASSETS Intangible assets consisted of the following:
|  | As of June 30, |  |  | As of June 30, |
|  | 2016 |  |  | 2015 |
Product Licenses - Cost |  | $ | 48,632,368 |  |  | $ | 48,632,368 |
Additions |  |  | - |  |  |  | - |
Deletion |  |  | (1,387,371 | ) |  |  | - |
Effect of Translation Adjustment |  |  | (3,323,518 | ) |  |  | (2,325,008 | )
Accumulated Amortization |  |  | (24,247,446 | ) |  |  | (23,491,893 | )
Net Balance |  | $ | 19,674,033 |  |  | $ | 22,815,467 |
(A) Product Licenses Product licenses include internally-developed original license issues, renewals, enhancements, copyrights, trademarks, and trade names. Product licenses are amortized on a straight-line basis over their respective lives, and the unamortized amount of $19,674,033 will be amortized over the next 7.75 years. Amortization expense for the years ended June 30, 2016 and 2015 was $2,765,018 and $4,448,735, respectively. During the year ended June 30, 2015, the Company recorded amortization expense of $113,243 and $110,681 related to customer lists and technology, respectively, and they were fully amortized as of June 30, 2015. (B) Future Amortization Estimated amortization expense of intangible assets over the next five years is as follows:
Year ended: |  |  |
June 30, 2017 |  | $ | 2,758,035 |
June 30, 2018 |  |  | 2,758,035 |
June 30, 2019 |  |  | 2,758,035 |
June 30, 2020 |  |  | 2,758,035 |
June 30, 2021 |  |  | 2,758,035 |
Thereafter |  |  | 5,883,858 |
|  | $ | 19,674,033 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16373-109275 + Details
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